Had a lot of experience with this... What you need to know here is:
A. ) Remember that Google will always see/cache the page as seen by user without any cookie.
B. ) This is an acceptable method of doing thing (personalization is allowed) but I wouldn't create 2 totally different content pages here. Small changes are fine but anything major can be considered as "hidden content".
C.) As a rule, using different URLs is better for SEO (but maybe not for conversion) For example, I had a site that used cookie for language setting - simply spreading the whole content over unique URL improved organic traffic by+100% (and we are talking many thousands here). Not saying this is you case, because your description sound more like a landing-page optimization, but wanted to mention this for any future thread readers.
GL